The Federal Competition and Consumer Protection Commission stated on Friday that the registration deadline for online money lenders would be extended.
The procedure has been extended to March 27, 2023, according to a statement made by the commission’s Chief Executive Officer, Babatunde Irukera, and provided to The Punch.
According to him, the additional time was necessary to assure the registration of Digital Money Lenders whose registration was still pending and to avoid substantial market disruptions.
Since enforcing mandatory registration in August 2022, the commission has extended the registration deadline three times.
The announcement added, “On December 6, 2022, the Federal Competition and Consumer Protection Commission extended the deadline for the registration of Digital Money Lenders to January 31, 2023, furthering the participation of the Inter-Agency Joint Task Force.
In order to safeguard the registration of DMLs whose registration was still pending and to avoid substantial market disruptions, this was done.
The Commission did observe that a number of DMLs have not yet submitted the necessary paperwork to complete their registration procedure, though.
The registration deadline has now been extended by the Commission until Monday, March 27, 2023.
In order to stop unethical interest rates, invasions of consumer privacy, and other unethical loan practices carried out by unregulated digital lenders, the FCCPC has established a limited interim regulation and registration framework for digital lending.